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It could be a regulatory issue, for example, my company makes hydraulic chairs, but since we market them to doctors they are technically medical devices. As such, the regulations on them vary from one country to the next. As a result we have some products that can be sold in the US but the exact same product is legally prohibited from distribution simply because we haven't seen a need to acquire the credentials for that country.
Alternate example: maybe a set of wheels has been tested and approved by the DOT, but didn't pass TUV. I would assume those wheels could be sold to people in the US, but not to people in Germany.
I can tell you from experience that getting paid by people in foreign countries can also be a hassle, so some companies just choose not to bother.
There's also ITAR, but I'm sure you know about that.
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